From an attorney on the Left Coast:

Subject: Comment to July 11 post

 

Kerry,

 

I read your post from July 11.

 

As you probably also know, half of the population over the age of 85 has some form of dementia.

If the questioner takes mom's money and buys a home in his or her name alone, without getting legal advice, there is a good chance that CA law will consider this elder abuse.

It is a crime and he or she may go to jail.

 

Not only does the questioner need competent tax counsel, but also legal advice to make sure that if this is really what mom wants, the child will not be challenged by the other children.

Otherwise, this is going to look very opertunistic and self-service on the part of the questioner, and may create many undesireable consequences.

 

I enjoy reading your blog, and think you do an excellent job of helping people understand the tax law.

Keep up the good work.

My Reply:

Those are very important points that anyone dealing with an issue such as that person was should address with the assistance of a good estate planning attorney.  As I constantly say in my speeches and seminars, Hollywood has yet to properly capture the real life insanity of heirs and wannabe heirs fighting over an estate, with everyone believing that they were short-changed out of their rightful share.

Your note also reinforces how important it is for people dealing with issues such as this to have a team of advisors, including individuals experienced with taxation and estate planning, to ensure that nothing crucial is overlooked when designing and setting up estate plans.

If you don't mind, I would be glad to include your name and a link to your website when I post this to my blog.  However, I have noticed that many attorneys who write me prefer anonymity; so I can keep your name out if you prefer.

Thanks for writing and adding those important additional points.

Kerry Kerstetter

Follow-Up:

(Nothing yet.)

 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 7/23/2006 08:19:00 PM Send this post: